From WSJ blurb "How to Bet the Farm on Mother Russia" (23 March 2011).
Besides being impressed with EU wheat production (they grow wheat like we grow corn), the point is how low Russia's yields remain. You combine that with all the fallow fields (one-third) and unused arable land, and Russia's upside is considerable - if it gets the foreign investment.
Blurb is about Russian company hoping to get investment. The company, Rusagro, wants to modernize old collective farms and buy up new land previously given to rural dwellers who aren't using it for agriculture (but might like the money).
Big hold up on investment is the climate - as in, business climate.